This has been getting to me for a little while.  I hear a lot of popular photographers say that you won't make a lot of money being a photographer, or you won't get rich being a photographer.  While, I do agree you may not make a lot of money, I disagree with the being wealthy.

Wealth is determined by all your accounts, including retirement.  The big question becomes, what is wealthy?  To each person it is a different answer.  Some, it maybe $500,000, others it would be $500 million.  Most photographers aren't going to do the Peter Lik  thing by selling a $3.5 million photo.  Chances are you may not even get the $1.2 million from a lawsuit.

However, if you put the recommended 15% of your income into an IRA or Roth IRA, you will have at least a million to retire on.  Is that Wealthy?  You tell me.  Is it difficult to invest 15%?  If you are debt free and have your emergency fund, look in your budget.  According to the IRS, you can put $5,500 into an IRA.  If you have a spouse, each of you can have an account, even if your spouse is not working.  So, that brings the total up to $11,000 a year.  You can contribute the same amounts to a Roth IRA, which is tax already taken out.  

Let's say you invest $11,000 over 30 years at a 15% interest rate.  That would equate to $4.8 million in your retirement account!  That's just saving $917 per month, or $30.13 per day.

I am not a full-time photographer, so I don't completely understand the challenges that a full-time photographer has.  What I do know is that you need to secure your own retirement.  Do what you can so you can retire with dignity.

Blessings,

Andrew Krob

I am not a financial advisor, nor a CPA.  Please talk to one of them for more information.